Huntington Bank has temporarily stopped taking application from companies seeking a U.S. Small Business Administration loan to get them through the economic hardship caused by the COVID-19 pandemic.
The historic $2 trillion federal economic stimulus bill signed into law Friday contains $350 billion in loans for small businesses that could transition into grants.
Gov. Gretchen Whitmer and federal lawmakers have taken a variety of steps to help businesses and employees navigate the short-term harm posed by the coronavirus.
The U.S. Small Business Administration promises to decide as quickly as possible on loan applications from small businesses hurt by the coronavirus and COVID-19 pandemic.
Business organizations are offering plenty of advice and information to employers about the coronavirus pandemic and how to manage through the crisis.
A $500,000 grant from Wells Fargo Bank will enable Northern Initiatives to put a larger focus on diversifying its lending.
The U.S. Small Business Administration’s largest lending program wrote slightly more loans in Michigan through three quarters of the federal government’s fiscal year, although the value declined. Through June 30, the SBA backed 1,867 loans for $411.2 million in Michigan written under the 7(a) program, which compares to 1,847 loans for $500.8 million through the same period in the 2016 fiscal year.
Loans written under the SBA’s 504 lending program grew from year to year. Michigan had 160 loans for $115.3 million under the 504 program through June 30 of the current fiscal year, versus 127 loans for $83.8 million in the first three quarters of the 2016 fiscal year.
Here are 7(a) and 504 loan volumes in the state as of June 30, plus the top 20 banks and top 10 credit unions for 7(a) loans in Michigan.
As Neil Brown and Wade Thompson considered acquiring Central Interconnect Inc. late last year, they found themselves interested in the opportunity the company presented.
The new head of the U.S. Small Business Administration’s Michigan office believes lending should continue to grow, even as volumes for the agency’s federally backed loans keep moving upward.
A business accelerator started by regional economic development organization Lansing Economic Area Partnership (LEAP) has been awarded a $50,000 grant from the U.S. Small Business Administration (SBA).